A new study details the wealth hidden in tax havens But even the new data are patchy and do not fully account for all wealth The Economist
SWITZERLAND, which developed cross-border wealth-management in the
1920s, was once in a league of its own as a tax haven. Since the 1980s,
however, tax-dodgers have been spoilt for choice: they can hide assets
anywhere from the Bahamas to Hong Kong. The percentage of global wealth
held offshore has increased dramatically. But it has been hard to say
how much that is, and who owns it. Few offshore centres used to
disclose such data. But in 2016 many authorised the Bank for
International Settlements (BIS) to make banking statistics publicly
available. Using these data, a new study by Annette Alstadsaeter, Niels
Johannesen and Gabriel Zucman, three economists, concludes that tax
havens hoard wealth equivalent to about 10% of global GDP. This average
masks big variations. Russian assets worth 50% of GDP are held offshore;
countries such as Venezuela, Saudi Arabia and the United Arab Emirates
climb into the 60-70% range. Britain and continental Europe come in at
15%, but Scandinavia at only a few per cent. One conclusion is that
high tax rates, like those in Denmark or Sweden, do not drive people
offshore. Rather, higher offshore wealth is correlated with factors such
as political and economic instability and an abundance of natural
resources. Proximity to Switzerland also remains a good indicator. But assets held there have declined since the financial..
ATO reveals six "far-fetched" excuses people have given for not lodging ...
ATO flags online sales tax crackdown The ATO is beefing up its data-matching capabilities with the Department of Immigration and Border Protection ahead of the government's contentious plan to impose GST on internet imports worth less than $1000 from July next year. The crackdown is flagged in a new submission to the Productivity Commission, which is inquiring into the model for collecting the 10 per cent GST on low-value imports....
Catholic
Priest Gets Prison For Tax Evasion: Don't Lie To IRS
Unfair ATO a dangerous threat to innovation
Presidential Transition: Information on Ethics, Funding, and Agency Services – GAO-17-615R:
Published: Sep 7, 2017. Publicly Released: Oct 10, 2017 – “The change
from one presidential administration to the next is a complex process
requiring coordination among many parties, including the outgoing
President, federal agencies, the President-elect, anda Transition Team.
During a transition, the President-elect and his or her team decide upon
more than 4,000 political appointments and prepare to manage the
federal government, an entity with more than 4 million civilian
employees and military personnel, and a budget of nearly $4 trillion.
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