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IT MAY not have the snappiest of names, but the Action Plan on Base Erosion and Profit Shifting, crafted by the Organisation for Economic Co-operation and Development OECDD), a club of 34 mostly rich countries, marks a potentially important moment in the fight against vigorous tax avoidance.
After more unfavourable articles appeared, the group suddenly found itself the object of an unusually vigorous tax inspection, involving as many as 16-18 tauditsins in one year, says an insider.The Dogan affair is too complex for outsiders to grasp in detail.
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Despite vigorous investigations by tax authorities in America and Germany, Swiss private banks have still been pulling in cash throughout the crisis (see chart).
Despite some soothing words at Davos, President Dilma Rousseff has shown little zeal for the vigorous reforms of taxes, the labour market and onerous regulation needed to boost investor confidence.So capital markets are tight.
Treasury Secretary Lawrence H. Summers, who has sponsored a vigorous attack on corporate tax evasion, said yesterday that "abusive tax shelters are the most serious problem in the U.S. tax system".
The legion of new Council candidates, though potentially bringing in vigorous new blood, will tax the city's campaign financing system as proportionately more people vie for seats they see as easier to win because the incumbents, with their built-in advantages, must step down.
He said the bank would take "firm and timely action" to counter a list of "upside risks" to inflation, including wage demands, indirect taxes and vigorous credit growth.
Keating notes, with some weariness, that debates about the economics of independence are either an expression of Nationalist optimism - low taxes, meaning vigorous businesses, enabling high spending on public services, hello nirvana - or unionist dystopia (the locusts and plagues of Labour rhetoric in the Scottish election).
Describing the dynamic of what should be a vigorous discussion over property taxes in the coming weeks, Mr. Greenwald boiled it down to this: "The reality is, I think, that the treasurer has made a recommendation, and the ball is in our court now".
Basically, income taxes require vigorous enforcement.
The White House made clear today that it planned a vigorous defense of last year's tax cut and of its call for new and accelerated tax reductions.
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Justyna Jupowicz-Kozak
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