Thursday, January 10, 2019

Whistleblowers: Ex-UBS Employee Charged With Data Theft on Trial in Switzerland

Special agent James Cronley Jr. finds that fighting both ex-Nazis and the Soviet NKGB can lead to strange bedfellows, in the dramatic new Clandestine Operations novel about the birth of the CIA and the Cold War. The Enemy of My Enemy by W.E.B. Griffin, William E. Butterworth IV ...

Microsoft doubles net profit in Australia, tops $100M

Tax Evasion and the Fraud Diamond

By: Leandra Lederman There is an extensive set of literatures on tax compliance and evasion, often discussing the traditional economic model (the deterrence model) and/or behavioral theories such as social norms or tax morale. (For recent examples summarizing the theories, see this article by … Continue reading 

The minute the government brings in new tax laws, the Big Four accounting firms get cracking on the loopholes for their multinational clients. It matters not that EY, PwC, KPMG and Deloitte are the biggest beneficiaries of government consulting contracts, they are also the masterminds of global tax avoidance. Michael West reports on the case of the Kiwi corporate raider, Graeme Hart, the once venerable Burns Philp and its accountant Deloitte.


Australia’s largest coal producer, the secretive Swiss commodities trader, Glencore, topped our Top 40 Tax Dodgers chart last year. This year, it is not even on the list.
What happened? Did it suddenly pay a lot of tax? No, tax payable was precisely $1,000 – a suspiciously round number which appears to be either a total fluke or a cheeky wave to yours truly. Total income for this one Glencore entity was almost $15 billion for the 2017 year alone. Sneaky coal giant Glencore drops off the top 40 tax dodgers

'Serious instances of misbehaviour': magistrate referred to Parliament

NSW magistrate Dominique Burns has been referred to Parliament after public hearings held by the Judicial Commission last year.

Google shifted 19.9 billion euros to tax haven Bermuda in 2017 Reuters
The subsidiary in the Netherlands is used to shift revenue from royalties earned outside the United States to Google Ireland Holdings, an affiliate based in Bermuda‘ 
Google ramps up the ‘double Irish’ before closing time The Irish Times
Google and the other large companies that form part of the global tech vanguard are squeezing every last drop out of the “double Irish, Dutch sandwich” tax-avoidance trick before the loophole is finally closed by the State next year.
Former Credit Suisse bankers arrested in London over ‘$2bn fraud scheme’ The Independent
$2bn (£1.6bn) loan scheme that allegedly saw hundreds of millions stolen from Mozambique
Complex web of international banks, shell companies, helps North Korea gain access to funds, WSJ reports CNBC

Stuart Forsyth - 'Retrograde' Labor policy cops heat from ex-ATO exec

At its National Conference in Adelaide on 16-18 December 2018, Labor released a paper for delegates entitled, "A Fair Go For Australia". While the paper does not mention Labor's key proposal to restrict cash refunds of excess franking credits, it does outline the following policy items of interest
Creating Level Playing Field

Hit the very wealthy with more tax, as Robert Menzies did - opinion piece discussing Labor's implementation of tax policies and why it needs to be changed

Industry super to dominate at $1 trillion by 2024 - report that industry superannuation fund would overtake SMSFs to become dominant players within the next two years.