There has been an international outcry over the leaked HSBC files, which provide evidence that the bank’s Swiss arm helped wealthy clients put millions of dollars’ worth of assets out of the reach of the tax authorities. Naturally, politicians from all parties have responded by committing to holding anyone found guilty of tax evasion accountable for their actions.
Peer-to-peer lending, the online platforms which allow you and I to lend directly to people and businesses who want to borrow, has been hailed as disruptive technology. Cheered by savers who have been stuck with rock-bottom interest rates, and by those who have sought finance from reluctant banks, the industry has grown exponentially since its birth in 2005. It has been seen as one in the eye for a financial sector at the heart of a crisis which has punished us all; which is why it might be off-putting to now see Goldman Sachs lurking with intent.
Countries are competing to lower their tax rates to please the corporate giants, but the result is a massive collective loss of revenue. Only international coordination can wipe out the practice and defeat the negative influence of the Big Four accounting firms.
The Brisbane G20 Summit offered civil society groups an opportunity to renew demands for a financial transaction tax (FTT). But in the end it proved a missed opportunity to build international cooperation on financial reform.
A month after America’s banks witnessed their largest quarterly revenue increase since 2009; Federal Reserve announced that it would increase capital requirements for eight of the largest banks across the country. Under the latest implementation of the Dodd-Frank financial reforms, the new risk-based capital surcharges would apply to systemically important U.S. banks that hold more than $50 billion in consolidated assets. In addition to J.P.
The revelation of the leaked Luxembourg tax files and the related reporting of the extent of the tax avoidance industry in the UK should come as little surprise. Tax legislation, and its enforcement in the UK, has been based on a school of thought that encourages the unchecked forces of supply and demand to reign supreme. This, in turn, has infused business culture in Britain.
What we have seen post the 2008 global financial crash, as the US Federal Reserve, the Bank of Japan, the Bank of England and the ECB have sought to pump money into their respective real economies in order to get growth going again, is an absolutely enormous transfer of wealth from savers to borrowers.
Nearly 60 percent of global applicants seeking second citizenship or second residence programmes come from the Middle East region, according to a recently published study on ultra-high-net-worth (UHNW) individuals by intelligence firm Wealth-X and global citizenship experts Arton Capital.
For most people around the world, tax season is upon us or has just passed. While few enjoy tax day, it is interesting to see how other countries compare. Check out this infographic of income tax rates around the world, as well as some of the weirdest tax laws.
Related: Infographic: Habits Of The World’s Wealthiest People
Some careers simply pay better than others. Yet few would guess that a garbage man in Newport Beach, California could potentially earn more than what a teacher or even a sales manager earn on average in the U.S..
Check out this infographic, which looks at some jobs that pay out far higher than what the public think they do.
Related: Lowly-Paid US Fast-Food Workers Require $7 Billion a Year in Public Aid: Study
