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Many thanks to those of you who wrote in with apt alliterative adaptations and alternatives to my proposed Encomiums and Execrations, some of which are very good. The editorial director has gone into a huddle with himself and is thinking about them. Gives him something to do for a change! 

Now, on with the show! You'll see in the list below that last week's nominations now have a + 1 or a – 1 rather than the commentary given last week, while this week's new nominations have commentary – next week that will turn into plusses and minuses, and that's how the rankings will build up over time.

Things don't move quickly in Germany; very often progress is deliberate and even predictable, and sadly the Bundesrat's veto of Angela Merkel's attempt to reduce income tax was just that: predictable. But that doesn't make it any the more forgivable. In fact, the vote is probably unconstitutional – the government has no choice but to try to reverse the effects of what most people call 'bracket creep', the automatic increases in tax that follow on after inflationary wage increases if tax brackets remain the same. It seems hard to punish the country's ranking in such circumstances; but it's results that matter, and higher taxes are a Bad Thing, however they come about. The deputies should be ashamed of themselves.

I can't think of the last time that Germany abolished a tax; but Hong Kong is at it all the time. This week it got rid of the duty levied on companies' capital issuances. When Hong Kong can't abolish a tax, it sometimes gives tax money back to citizens, as it has done for the last two years with income tax. Snipers will say that it's because it has such massive cash reserves that it can easily afford it: but the truth is that the cash reserves are a result of low taxes, not the other way around. It's probably predictable that Hong Kong is going to end up at the head of our rankings; but events will determine that, not me.

Now here is a real disgrace: in a week when the UK government is pulling out all the stops to encourage growth in the economy by assisting business, the retrograde, stick-in-the-mud tax authority, HMRC, has dealt a savage blow to small businesses by refusing to abandon its vindictive and destructive IR35 legislation, which attempts to turn entrepreneurs into wage slaves. Joined up government? Do me a favour!

It's not often that I have a good word to say for Vladimir Putin; but, credit where credit is due, he has seen off the vested interests of his domestic protectionists who would like to continue making money from foisting antiquated Soviet-era goods on hapless consumers and is insisting that Russia should forge ahead with the process of joining the WTO (the best of all Good Things, of course). Who would have guessed it?

Perhaps I shouldn't be complimenting the Philippines on increasing 'sin' taxes; but that blooper is outweighed by the fact that they have put a difficult WTO ruling into effect within a matter of weeks, equalizing the taxation of local hooch with imported spirits, something which must have been fiercely resisted by local distilleries, but which will offer much improved choice to citizens. No chance of Scotland doing that, of course, and if it was an independent country it would be getting a severe black mark for its repressive intention to put a minimum floor under booze prices.

Speaking of illiberal legislation, perhaps it is unfair to penalize the US Congress for introducing a law which stands no chance of being passed; but businesses take decisions every day, not just on election night, and heavy-handed attempts to force companies to repatriate overseas jobs with unworkable and restrictive legislation will have the opposite effect of encouraging companies to invest anywhere other than in the US. The way to encourage business growth is to reduce taxes, not invent new ones; but the Democrats aren't listening.

Kitty's Encomiums:

Canada + 1

Germany + 1

Hong Kong abolishes a tax

New Zealand + 1

The Philippines accepts a WTO ruling

Russia marches into the WTO

And Kitty's Execrations:

Australia – 1

Germany's upper house of parliament refusing to cut taxes

India – 1

Spain – 1

United Kingdom fails to help SMEs

United States against the world

Ciao

Kitty

 

Encomiums and Execrations - By Kitty Miv, Editor

The Faustian bargain between governments and banks - By Kitty Miv, Editor

Being lead to think that the 'battle against offshore' is being won - By Kitty Miv, Editor

The US Treasury doesn't display the bumbling incoherence of Brussels - By Kitty Miv, Editor

It's only a matter of time before robots are given human rights - By Kitty Miv, Editor

Welcome 1984, already 28 years late but coming to your living-room soon!

Dutch withholding tax regime could violate EU regulations - A Blog from Freemont Group

The Western exodus - A Blog from Freemont Group

Sex, drink and gambling - By Kitty Miv, Editor

"I don't know," he said, "but I hope they're nowhere near the Isle of Man." - By Kitty Miv, Editor

Because they are mis-educated, that's why! - By Kitty Miv, Editor

Guaranteed to infuriate the Chinese - By Kitty Miv, Editor

Ron Paul’s race for delegates - A Blog from Freemont Group

Amnesty for tax cheats - A Blog from Freemont Group

UAE removes obstacles for free enterprise - A Blog from Freemont Group

Russia ratifies tax treaty with Cyprus - A Blog from Freemont Group

We are squirrels by nature, accumulating against a cold winter - By Kitty Miv, Editor

The real Greek problem, in a nutshell - By Kitty Miv, Editor

When bashing the rich is a good gimmick - By Kitty Miv, Editor

Heading for a dust-up - By Kitty Miv, Editor

Low tax gateway refurbished - A Blog from Freemont Group

Internet freedom under attack… Again - A Blog from Freemont Group

Dutch tax changes of 2012 - A Blog from Freemont Group

The guiltless millionaire - A Blog from Freemont Group

If he has any sense he will quit his torture chamber - By Kitty Miv, Editor

Kitty would like to be paid - By Kitty Miv, Editor

Kitty in chains - By Kitty Miv, Editor

Going to the dogs - By Kitty Miv, Editor

Benjamin Franklin was wrong - By Kitty Miv, Editor

Universal Welfare Without the State – almost

Capitalism in 2012? - By Kitty Miv, Editor

Kitty and the banks - By Kitty Miv, Editor

Sowing the seeds of revolution - By Kitty Miv, Editor

"It's the markets, stupid" - By Kitty Miv, Editor

The most business friendly presidential candidate in history - A Blog from Freemont Group

"What has posterity ever done for me?" - By Kitty Miv, Editor

Paying taxes 2012 - A Blog from Freemont Group

European Court allows for exit-tax - A Blog from Freemont Group

And the Devil take the hindmost! - By Kitty Miv, Editor

Hobknobbing with Singapore finance officials - By Kitty Miv, Editor

It's time we started to take referenda more seriously - By Kitty Miv, Editor

The EU should cut Greece loose - By Kitty Miv, Editor

EU members lose appetite for Euro - A Blog from Freemont Group

Second home in southern Europe - A Blog from Freemont Group

A skeptical look at drop-shipment - A Blog from Freemont Group

The amazing success of the WTO - By Kitty Miv, Editor

Bash The Rich! - By Kitty Miv, Editor

Swiss initiative to return to gold standard - A Blog from Freemont Group

Cyprus is not a PIIG - A Blog from Freemont Group

Why The EU Is A Good Thing - By Kitty Miv, Editor

Don't Bet On It - By Kitty Miv, Editor

A Market In Countries - By Kitty Miv, Editor

America the puzzled - By Kitty Miv, Editor

Goodbye To Blighty?

What's wrong, America?

Brussels Budget Blues

Not Another Wretched Pin-Code To Remember!

Don't Forget Doha, And I Don't Mean The Tennis

Fat Tax On The Menu

Goodbye To All That

Ethical Moonshine

Offshore And The Euro

Shall We Take A Glass Together?

Get Back In Your Box, Government

Jobs For All

A Walk In The Forest

Masters Of The Universe?

The Geese Are Dead

Reciprocity: That's The Name Of The Game

No Pensions, Please, We're British

Copenhagen Will Fail

The Ex-Wives' Charter, Norwegian Style

Nobody Is Too Big To Fail

To Will Or Not To Will?

There's Silly, And Then There's Silly . . .

Don't Bet On It!

WHO Declares TIEA Pandemic

Time To Get Out Of Money?

A Penny For Your Thoughts

Thank You, Gordon, Now Here's The Money For Your Bus Home

A New Economic Order

About Geese And Golden Eggs

Asset protection, bearer shares and anonymity

There's No Fool Like A Gold Fool

Time To Tax The Vegetarians!

Better The Devil You Know!

Orwell, You Were Wrong - But Only By 25 Years

Break Out The Champagne! Bring On The Dancing Girls!

How Do You Achieve The Lifestyle Of Complete Freedom Without Having The First Million In The Bank?

Please Securitize Me

You Don’t Know Until You Go!

A Keynesian Vacancy The IMF Can't Fill

You Can't Escape; Resistance is Futile

Why the Financial Crisis Doesn't Really Matter

Is Oil Cheap?

Tax Harmonization Is Coming!

The British Government’s ‘Ill Considered’ Use of Anti-Terrorist Financing Legislation against Iceland and the Wider Implications

How To Commit Collective Financial Suicide

How and Why You Should Buy Physical Gold Offshore

Thank You, Mr Paulson

Scam Busters: Second Citizenship and Passport

EU Defeated By Bean-Counters

Offshore Banking: Failure to Open a Bank Account

A New Lord Of Taxation

How to Avoid Envy by Keeping a Low Profile

High Yield Offshore Investment Programs: Do They Exist?

Blacklisted Offshore: Private Consultant's Opinion

Why taking a vacation can improve your health – and wealth!

Alphabet Soup

Your Ships Come in Over a Calm Sea

Taxpayers: 1; India 0

While Offshore Banking Giants are in Trouble

Microchips with Everything

It's All The Fault Of The Speculators

Don't Play Poker With Uncle Sam

Is Dominica Good for Your Offshore Business?

How to Leverage Offshore E-Commerce in Your Existing Business

'I Love Tax' - Anonymous Offshore Banker

Is there a trade-off between Freedom and Security?

Return of Capital is More important than Return on Capital

Thoughts on Investing in Panama

Why Offshore Banking Privacy is More Important than Ever

You Really Can Physically Create Wealth Offshore: Part 2 of 2

You Really Can Physically Create Wealth Offshore: Part 1 of 2

The Freedom to Create Real Value and Wealth in the Offshore World

Goodbye To Privacy

Panama Today, Tomorrow And Always

Another Nail In The Currency Coffin

Please Turn Out The Lights As You Leave

Hands Off The Poor, Starving Tax Lawyers!

The Death Of Corporation Tax

How To Learn To Love Accounting Standards

Caveat Emptor?

No More Fat Cat Investments For Me!

Flat Tax, Not Flat Earth, Please!

On-Line Gaming Banned In The UK

To Buy Or Not To Buy?

The Last Supply-Sider Felled

King Canute Spotted On Brighton Beach

Private - Good; Public - Bad

Don't Have A Foreign Boy-Friend!

Don't Put Your Husband On The Board, Mrs Worthington

Down With Corporation Tax!

Geolocation -- the greatest thing since sliced bread?

The Dinosaurs March In Europe

Never Trust Your Money To A Nation State

Good Advice From Adam Smith For Gordon In His New Home

Will The Treasury Get To Bert Smith Before The Grim Reaper?

Beards Can Make You Rich

Financial Regulators To Create Global Anti-Investor Cartel

America Goes To War Against - wait for it - The Cayman Islands

Down With The IMF!

Everyone Wants To Live Offshore

Goodbye, Gordon!

Auntie Brussels Wants To Know About Your Money

Governments Fail Business One More Time

Tax Harmonization Disharmony

The Sorry Tale Of Offshore Telecommunications

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