Dear Subscriber,

Welcome to my second message as editor of lowtax.net.

Interesting that Paribas seems to have turned tail and fled at the first whiff of grapeshot from the Élysée, just as if its modern occupant had the kind of firepower wielded by one N*p*l**n 200 years ago. Plus ça change, plus c'est la même chose.

Mind you, they both have built-up heels. You can read our story at BNP Paribas To Close In 'Grey List' Territories. Briefly, at the merest hint from President Sarkozy, the bank has agreed to close all its subsidiaries in the OECD's 'grey list' territories. Paribas's own president, making the announcement, copied St Augustine by promising to be good, but not yet, so by the time he gets around to acting on his words, everyone will probably be on the white list, given the rate at which the offshore jurisdictions are falling into line. Switzerland was the latest one, just this week. There are quite a few stories in our archive about the OECD's lists - just go to tax-news.com, click on Tax News Archive and enter key words like 'OECD' and 'grey'.

Ciao, Kitty, Editor.

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California Tax Panel Calls For Overhaul Of State Laws, by Leroy Baker, Tax-News.com, New York 01/10/2009
California's Commission on the 21st Century Economy has issued recommendations on how the state's out-dated tax system can be modernized to make it more reflective of a modern economy and to put an end to chronic fiscal deficits.

France's Migaud Advocates Creation Of Minimum Tax, by Ulrika Lomas, Tax-News.com, Brussels 01/10/2009
In a recent announcement, President of the French National Assembly Finance Commission Didier Migaud has revealed his support for the introduction of a new minimum tax in France, and has also advocated increasing the existing tax levied on the financial sector.

Russian Duma To Vote On 2010 Budget, by Tatiana Smolenskaya, Tax-News.com, Moscow 30/09/2009
Russia's budget for 2010, which is ready for approval by the Duma this week, will include tax increases on beer, petrol, cigarettes, cars and stamp duty. This should bring in an extra RUB140bn (USD4.7bn) of tax revenue.

French Boost To Online Gambling On the Cards, by Ulrika Lomas, Tax-News.com, Brussels 30/09/2009
A bill to liberalize the on-line betting market in France is due to be brought before the French parliament in early October.

US Gambling Tax Revenues Show First Drop In 30 Years, by Leroy Baker, Tax-News.com, New York 30/09/2009
State and local government revenues from authorized gambling operations declined by 2.6% from fiscal year 2008 to 2009, marking the first time those revenues have declined in over three decades, according to a report by the Rockefeller Institute of Government.

German Businesses Demand Tax Cuts From New Coalition, by Ulrika Lomas, Tax-News.com, Brussels 01/10/2009

The German elections may have drawn to a close, but the new coalition already faces a tough battle ahead, as one by one leaders of German business associations begin to clamour for the parties to honour their pre-election pledges to cut taxes.

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