Thursday, June 14, 2018

Corruption Gutted South Africa’s Tax Agency

Washington Post: “Ivanka Trump and Jared Kushner, the president’s daughter and son-in-law, brought in at least $82 million in outside income while serving as senior White House advisers during 2017, according to new financial disclosure forms released Monday.

South Africa’s version of the Internal Revenue Service is perhaps an unlikely setting for a national saga involving spies, spurned lovers, secret brothels, double agents and one of the biggest journalistic scandals of the post-apartheid era. 

But the story shows how an increasingly corrupt A.N.C. has undermined its own successes by betraying the very people who brought it to power.
And the drama is far from over. In today’s South Africa — dangling precariously between dueling factions inside the A.N.C. — the nation’s new president, Cyril Ramaphosa, is struggling to assert his authority and fulfill his pledge to root out corruption. He now stands knee-deep in a very messy fight to wrest the tax agency from the legacy of his predecessor, Mr. Zuma, and win back the confidence of an angry nation.
With corruption and political warfare gutting the agency, more and more South Africans have simply stopped paying their taxes, a dangerous turn in a nation where tens of millions depend on government services that are already enfeebled by graft and misrule. In the eyes of many experts, the government’s — and the country’s — ability to right itself is at stake.
Corruption Gutted South Africa’s Tax Agency. Now the Nation Is Paying the Price. The New York Times
Cites TJN chief executive Alex Cobham

How IMF, World Bank can fight Illicit Financial Flows – TJNA NAN

U.S. Corporations Push Profits Into Tax Havens as Countries Struggle in Pursuit, Study Says The Wall Street Journal

How are We Changing the Internet? How is the Internet Changing Us? Data Science Central – William Vorhies June 12, 2018: “Summary: Data Science is the secret sauce that turns the dumb internet into the smart internet driving changes in society as fast as we drive changes in the internet. The best place to find data on this is Mary Meeker’s Internet Trend Report 2018
See also: Tax Havens Blunt Impact of Corporate Tax Cut, Economists Say The New York Times

Malaysia’s central bank chief steps down, latest casualty of 1MDB scandal Reuters

1 MDB: Malaysia Seeks Millions From Goldman Sachs finews Asia

India Experiments With Opacity With its Own Onshore Financial Centre The Wire
Cites TJN’s Financial Secrecy Index 

Abramovich receives 10 year tax exemption in Israel Globes

‘Roman Abramovich is the latest billionaire to immigrate to Israel and receive a 10-year exemption from tax and reporting to the tax authorities on income originating overseas.’
U.S.: 36 Former Military and Civilian National Security Leaders Urge Senate to End Anonymous Shell Companies FACT Coalition

Why Money Laundering is a Problem of Wealthy Nations Political Insights

Swiss bank Lombard Odier in talks on Saudi partnership Reuters

Shell company accounts in decline in Latvian banks Public Broadcasting of Latvia

Australia’s biggest bank hit with record fine for money-laundering scandal CNN

Ian Fraser: The Growth Commission’s banking regulation proposals miss an opportunity to give finance a social purpose CommonSpace

Dirty Money, Shiny Architecture Architect Magazine
‘Money laundering in real estate poses an ethical problem for architects.’
Scotland: Public sector pension funds put millions in tax haven-linked Private Finance Initiatives The Guardian

The Inspector-General of Taxation, Ali Noroozi, has again called for the creation of a separate appeals area in the ATO to be headed by a new Second Commissioner. Mr Noroozi made his comments when appearing before a Senate Estimates hearing. Mr Noroozi said, "it is inevitable that a separate appeals area, if it doesn't happen in the next year or so, it is inevitable that it will be required in the future".
According to a report by The Sydney Morning Herald, Mr Noroozi said that, following the recent Fairfax / ABC Four Corners program (see 2018 WTB 15 [404]-[405]), complaints to his office had increased significantly. He said some 522 complaints had been received by his office since the Four Corners program.

Sydney gangster Chow Hayes, Sydney crime
WHEN notorious gangster John Chow Hayes was living at Lidcombe with his niece Dolly my mum she would cook a nice meal for him because he said prison ...

Opal creep: public transport fares are set to rise


 Ron Medich's daughter accused of credit card fraud over luxury hotel stay