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Britain says to sign tax agreement with Cayman Islands

LONDON (Reuters) - Britain will sign on Tuesday an information-sharing agreement with the Cayman Islands, one of its overseas territories, to help British authorities improve tax collection, finance minister George Osborne said on Tuesday. The step advances Britain's efforts to stamp out use of offshore tax havens to launder money and hide wealth. Prime Minister David Cameron used an international summit in June to raise the profile of illegal global tax evasion.

Stock inflows from tax havens top 55 tln won: data

SEOUL, Nov. 1 (Yonhap) -- South Korea has seen foreign inflows of more than 55 trillion won (US$51.7 billion) into the local stock market from tax havens so far, data showed Friday, amid a spate of ongoing government probes into suspected tax-dodging and slush funds there by high-profile Korean businessmen and politicians.

Britain pledges public access to tax evasion-busting database

By William James LONDON (Reuters) - A new database of company ownership details, designed to expose international money laundering and tax evasion schemes, will be opened up to public scrutiny, British Prime Minister David Cameron said on Thursday. The plan advances Cameron's efforts to push money laundering and tax evasion to the top of the global agenda, and follows up on a debate at the G8 summit of the eight of the world's wealthiest states in June.

Britain pledges public access to tax evasion-busting database

By William James LONDON (Reuters) - British Prime Minister David Cameron is set to announce on Thursday that he will make public a new database of company ownership details designed to expose international money laundering and tax evasion schemes. The plan advances Cameron's efforts to push money laundering and tax evasion to the top of the global agenda, and follows up on a debate at a summit of eight of the world's wealthiest states (G8) in June.

Merkel, SPD agree in coalition talks to push for transaction tax

BERLIN (Reuters) - German Chancellor Angela Merkel's conservatives and the Social Democrats (SPD) agreed in a second round of coalition talks on Wednesday to push for a financial transactions tax in Europe if they manage to form a new government. "We agreed to push ahead with the financial transactions tax," said SPD negotiator Martin Schulz, president of the European Parliament, after a meeting of the main group of 77 negotiators from Merkel's Christian Democrats, their Bavarian Christian Social Union allies and the SPD.

U.S. Treasury gives more detail on offshore anti-tax evasion law

By Patrick Temple-West WASHINGTON (Reuters) - Foreign banks and investment funds got more detail from the Treasury Department on Tuesday about how to comply with a new U.S. anti-tax evasion law, including a draft agreement that some institutions must sign to avoid possible penalties. The new details underscore the importance of certain bilateral agreements Treasury officials are negotiating with dozens of countries to implement the Foreign Account Tax Compliance Act (FATCA), set to take effect in July 2014.

Big companies push back against G20 tax avoidance plan

By Tom Bergin LONDON (Reuters) - Big companies have pushed back against an international drive to crack down on corporate tax avoidance, documents published by the body charged with drafting new rules showed on Wednesday. The Paris-based OECD published letters from European companies including Diageo and Gazprom and groups representing the biggest U.S. multinationals asking it to reconsider proposed measures on transparency and on tackling tax avoidance, saying the plans could hit trade and investment.

Cautious praise to Ireland closing Apple tax loophole

A move by Ireland to shut a heavily-criticised corporation tax loophole that has benefited multinationals like Apple received lukewarm praise Wednesday, as politicians and experts stressed its limitations. In a budget speech Tuesday, Irish Finance Minister Michael Noonan said he would publish legislation so that Irish-registered companies would be liable to pay at least some corporation tax, if not Ireland's 12.5-percent rate. Under the proposed change, "stateless" companies registered in Ireland must declare a tax residency.

EU opens tax evasion probe over Gibraltar's corporate taxation following Spanish complaint

BRUSSELS - The European Commission has opened a probe of Gibraltar's corporate tax regime on suspicion it might selectively favour some businesses such as offshore companies. The Commission, the 28-nation bloc's executive arm, said Wednesday it will examine whether a corporate tax exemption for income stemming from royalties or interest payments introduced in 2010 constitutes a breach of EU state aid rules.

Switzerland signs OECD tax convention

PARIS (Reuters) - Switzerland has signed up to an international convention on cooperating with foreign tax authorities, the OECD said on Tuesday, shaking a pillar of Swiss bank secrecy. Under European Union and U.S. pressure to help fight tax evasion, Swiss political support for bank secrecy has gradually waned, paving the way for tax deals with foreign authorities.
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