World governments should cooperate to ensure bankers can't escape tax.

Discussion in 'Wall St. News' started by wilburbear, Dec 29, 2009.

  1. the1


    “This is a fair measure. No bank would be left standing around the world without government intervention.”

    End of story.
  2. Yea, right.

    That is why there are no offshore sites like the Caymans where banks and corporations like to go.

    Seriously, where these unknowing writers come from with simplistic ideas. You don't like your job base, then tax them out of existence.
  3. Ireland opens doors to hedge funds
    By John Murray Brown in Dublin and Sophia Grene in London

    Published: December 18 2009 23:18 | Last updated: December 18 2009 23:37

    The Irish government has passed legislation to make it easier for hedge funds based in the Cayman Islands and other tax havens to move to Dublin.

    Brian Lenihan, the Irish finance minister, has identified the importance of the industry for the Irish economy, particularly at a time of high unemployment and with the public finances under strain.

    Hedge funds win ‘ring fence’ ruling - Dec-16In depth: Hedge funds - Nov-01He said opportunities “exist for Ireland to become the European hub for the international funds industry following recent European legislative changes”. He is to bring forward changes in the finance bill early next year to “strengthen Ireland’s competitive edge in this important sector”.

    The initiative comes as investors look to switch to fund vehicles in regulated jurisdictions in response to the clampdown by G20 governments on offshore centres in the wake of the global financial crisis.

    Under the changes, hedge funds currently registered in the Cayman Islands, the British Virgin Islands, the UK Channel Islands and other jurisdictions identified in the legislation can re-register as Irish companies authorised by the Irish regulator.

    Ireland, after Luxembourg and France, is the key European Union centre for funds administration and custodian services.

    The European Commission, with encouragement from France and Germany, is tightening up EU rules on the management of hedge funds and other alternative investment funds.

    Although financial services bodies in the UK are worried this will dilute the City of London’s pre-eminent role, Billy Kelleher, Ireland’s minister for trade and commerce, believes it is an opportunity for Ireland.

    Among the mooted changes, the directive stipulates that to market products in the EU the fund promoters must also domicile the fund in a member state country. Ireland is already the leading EU location for the administration of hedge funds, accounting for 45 per cent of global hedge funds. Until now, most have been domiciled in low-tax offshore jurisdictions, although they are invariably managed in London and other big financial centres.

    If large numbers of hedge funds now move to Ireland, it will put the spotlight on Irish regulation, whose reputation was damaged after recent banking scandals.

    Ireland’s funds industry has also sometimes been tarred with the same brush as that of the offshore centres.

    For example, several Irish-based feeder funds hit by the Madoff scandal are currently suing HSBC, the Irish-based custodian bank, in the Irish courts.

    However, Mr Kelleher said: “I am confident we will stand up to the scrutiny ... Funds are looking for stronger oversight, and better regulation, and we believe Ireland has that in spades.”

    Mark White, partner with McCann FitzGerald, one of the Irish law firms advising the government on the latest legislative change, believes as a common law jurisdiction and an English-speaking country, Ireland is better placed than its rivals to attract funds.

    Until now closing down in one country and starting up a new company in another was a cumbersome procedure that also ran the risk of triggering tax liabilities for investors.

    However, industry experts said the new legislation cuts red tape to a minimum. John Donohue, chief executive of consultancy Carne Financial, said: “It’s a case of packing your bags in one jurisdiction, unpacking in another and presenting yourself at immigration, so to speak.”

    Ireland currently administers more than 10,000 funds, representing €1,300bn (£1,500bn) of assets under management.
    Copyright The Financial Times Limited 2009. You may share using our article tools. Please don't cut articles from and redistribute by email or post to the web.


    The Luck of the Irish ????


    Better yet ....why not form an trader/exchange based country ????

    Computers CAN BE ANYWHERE....


    If a POPULIST based govt. wants $.....they will have to pay up....

    The BROWN CLOWNS will be responsible for the next HAITI....


    Worldwide populist agreements.....?????

    Not a chance........
  4. Just remember folks, also for the sake of "fairness", if they can globally "unite" on capping banker's pay then they can also work in tandem on transaction taxes. Perhaps apples and oranges, but with leftist or "progressive" governments, one isn't that far from the other. Just saying.
  5. I once read a bumpersticker:

    Save the US, bomb the Caymans.
  6. The Swiss recently had to hand over tax information in a scenario that was not in their national interest.

    The Caymans are being discussed for a similar crackdown.

    If the majority of the G-20 get behind the banker's tax, the last few holdouts can be persuaded with the carrot or the stick to fall in line.
  7. Lethn


    Good fucking luck, you seriously think if they can't even come to an agreement about Global Warming they'll come to it over banking taxes?

    Sure... Yeah....
  8. Even my 2 year old nephew knows Wall Street owns the White House not the other way around.:)
  9. The first issue for them is expenses, the second one is revenue. It's easier to agree on revenues than on expenses.
    #10     Dec 29, 2009