Sunday, 8th November 2009

 

3 March 2009 - Press Briefing

US lawmakers target offshore tax havens through legislation

US Democratic lawmakers on Monday introduced bills in both chambers of Congress, targeting shutdown of offshore tax havens used by wealthy Americans in Switzerland, the Cayman Islands and other countries, according to a Reuters report

Besides outlawing patenting of tax avoidance plans, targeting dozens of offshore "secrecy jurisdictions" for attention, and placing an increased burden on taxpayers to prove the legitimacy of their tax arrangements, the Senate bill would classify US-controlled overseas businesses as domestic for income tax purposes.

It would also close an offshore tax dividend loophole that allows people evade taxes on US stock dividends, the Reuters report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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