domain-b.com : Italy's tax amnesty brings back record €80 billion from tax havens

Still confused about the direction of tax havens?

domain-b.com : Italy's tax amnesty brings back record €80 billion from tax havens

Seattle Fran's smoked salt caramels in chocolate are sooo good!

OMG! I thought and you thought we knew it all. If indeed my blog is your only source of information about world events, then we both missed this. Oh no, catastrophy, read here for yourself:

AllGov - News - Ambassador to Luxembourg: Who is Cynthia Stroum?

Where are we supposed to get her smoked salt caramels in milk chocolate? How will she feel abouth Kachke'is, Bouneschlupp and Nonnefaschten without that smoked salt thing? We should secretly re-engineer Fran's stuff, because the real thing is only available in WA State. Maybe, just buy some sampling here online: http://www.franschocolates.com/story.php

American Ambassador Stroum Arrives in Luxembourg

Remember Pearle Mesta? The first woman ever to be US Ambassador? To Luxembourg? And Irving Berlin's musical "Call me Madam"?

When Pearle moved to Luxembourg, she got confused and lost at the French-Belgian border. Truman's fault. Didn't she ask: "Hey Boss, where the heck is Luxembourg?"

Whereas Cynthia Stroum, according to this chronicle didn't miss the small target.

American Ambassador Stroum Arrives in Luxembourg

Luxembourg: Tax Avoidance Undercut from Down Under

Seemingly solid tax avoidance strategies are the next targets in the War on Tax Havens. At the moment when "tax rulings" are under scrutiny, Australian tax authorities have issues with the strategies played around the ownership of the Myer department stores chain.

In a complicated square dance, where financial engineering set up structures in the Netherlands, Luxembourg and the Cayman Islands, a $1.5 billion profit went untaxed. This is of course heartbreaking for Australian tax authorities. Many other tax departments around the world would feel the same pain. And I bet that they have their own case load and are watching. Eventually some sort of G 8 to 20 will find the Australian approach as extremely clever. This is what is going to happen:

• Some G 8 to 20 will show how upset they are about tax avoidance. And the missing money.
• They will come up with a very sophisticated equation: tax avoidance = tax evasion.
• They will find an international body to set up new rules copied on Australia's. OECD, UN or really anything. It could be Red Cross as it is about bleeding money.
• Tax havens will scramble to give the illusion that they comply with the bullies' new equation.
• The Big Four will scramble to find ways to give the illusion of compliance with the bullies' new equation.

But business will no longer be what it used to be.

This is a wonderful illustration of a real case that is supporting my speculation above:

http://www.theaustralian.com.au/inside-the-offshore-web-that-captured-the-myer-millions/story-e6frg8zx-1225807122567

The IRS Gets Serious about Tax Enforcement | OMB Watch

A new standard is rising. In my opinion, the OECD double taxation agreement is already a relic of the past. Tax havens that believe the OECD standard shelters them from further pressures are up to a rude awakening.

The IRS Gets Serious about Tax Enforcement | OMB Watch

Excerpt: In late October, a group of legislators introduced the Foreign Account Tax Compliance Act in both the House and the Senate. The chairmen of the Senate Finance and House Ways and Means committees, Sen. Max Baucus (D-MT) and Rep. Charles Rangel (D-NY), respectively, who wrote the bill, sought to force foreign financial institutions, including trusts and corporations, to provide information about their U.S. account holders. If a foreign bank were to refuse to comply with the new regulations, the government would levy a 30 percent withholding tax on income from U.S. financial assets held by that foreign institution. Neither of the bills has moved out of its respective committee.

Miami boasts high study abroad numbers - Campus

A well known and popular program of Miami University, OH, in Luxembourg. I very often meet people here who have been alumni of the Luxembourg program.

Miami boasts high study abroad numbers - Campus

Democrats push $150B stock tax on Wall Street - TheHill.com

Potentially good news for Luxembourg, its Stock Exchange and its Fund Industry:

It would not be for the first time other peoples' stupidity would help us. Remember how the Eurodollar was born?

Remember also that the winner in international relations (it's always competition over good intentions) is the one who commits the fewer mistakes.

Democrats push $150B stock tax on Wall Street - TheHill.com