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O.E.C.D. CARIBBEAN MEETING BIASED
BRIDGETOWN, Barbados. Representatives of the OECD and Caribbean offshore haven nations meet Monday here to talk "tax competition." But local participants say the agenda is "very much weighted" towards the OECD.More on this story here.
G-7's "INTERNATIONAL THUGGERY"
That's what noted American economist Walter WILLIAMS calls the OECD-FATF attack on tax and asset havens worldwide. A good summary of growing opposition.More on this story here.
B.V.I. MONEY LAUNDERING CRACK DOWN
ROAD TOWN. With new laws allowing foreign exchange of financial information and tough regulation, the BVI announces strict anti-ML enforcement begins now.More on this story here.
BARBADOS MULLS OFFSHORE TAX SUICIDE
BRIDGETOWN. Barbados' economy makes millions from offshore investment (US$117 mil last year) thanks to a tax rate of 2.5% on offshore IBCs. Now, under OECD pressure, government is considering the same confiscatory tax of 40% on both offshore and local businesses. If they try it, we predict a fast rush for the exits.More on this story here.
BAHAMAS SAD REPORT
NASSAU. A status report on an offshore financial haven in serious decline, plus efforts to stop the islands' slide into financial oblivion.More on this story here.
CAYMAN ISLANDS SURRENDER CONTINUES
GEORGE TOWN. Having learned little from the election defeat of their predecessors, the new government assumes the lap dog role in its dealings with FATF, praying for de-blacklisting.More on this story here.
DOMINICA OPPOSITION TO "REFORMS"
ROSEAU. OECD-FATF demanded law changes here are "doing the dirty work" for G-7 nations and damaging the islands' offshore financial sector, the opposition party says.More on this story here and here.
MONEY LAUNDERING, EAST & WEST
A US report alleges CYPRUS is a major money laundering center.More on this story here and here.
And Ireland is beefing up its anti-ML laws.More on this story here and here.
SINGAPORE GROWTH WAY UP
At a rate of over 10% annually, much above government forecasts.More on this story here and here.
SWISS-DUBAI GOLD CONNECTION
More than 70 Swiss firms are active in the United Arab Emirates, and the gold trade between Switzerland and Dubai is booming.More on this story here and here.
U.S. TREASURY "SUBPART F" STUDY
The US Treasury Dept. releases a disturbing report on Subpart F tax treatment of offshore passive income earned by foreign subsidiaries. Echoing phony OECD demands for "tax harmonization," the study claims "the best policy...is for governments to impose equal taxation on domestic and foreign investment income" - which would, of course, destroy tax havens as competition.More on this story here and here.
U.S. COURTS UPHOLDS OFFSHORE TRUSTS
NEW YORK. The 2nd Circuit US Court of Appeals in a bankruptcy case refused the SEC's demand that assets in a Nevis based $5 million offshore trust be repatriated.More on this story here and here.
U.S. CAPITAL GAINS TAXES EXPLAINED
Here's a layman's eye view of how best to avoid two-tiered US capital gains taxes.More on this story here and here.
RUSSIAN FLAT TAX
MOSCOW. More about the new Russian flat tax.More on this story here and here and here.
U.K. TORIES EXPOSE E.U. SUPER STATE
LONDON. Britain's Conservative Party claims proof EU officials plan to submerging national identities in a European super state.More on this story here and here.
On Jan 1st El Salvador adopted the US dollar as its official currency. Ecuador did so last year. Panama did it almost a century ago. Now other area nations are mulling the dollarize idea.More on this story here and here.
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