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Dear
Subscriber,
Amid
the bank-bashers braying away
on their band-waggon, at least
one man this week stood up
for common-sense when Austria’s
Economy Minister Reinhold
Mitterlehner vehemently
rejected the notion of extra
taxes on banks. Well to the
fore on the waggon are President
Obama and Prime Minister Brown,
who is still droning on about
Tobin
taxes.
The
only excuse they've got for
flirting so dangerously with
the health of their countries
is that they are facing imminent
elections.
There
is some sort of collective
hysteria going on over the
banks. These are (were) privately-owned
companies whose responsibility
is to make money for their
shareholders. When they do
so they should be congratulated,
not vilified. Most economists
think by now that what happened
last year was far more the
result of (government) loose
money and (government) failure
to regulate toxic mortgage
debt than the result of 'bad'
behaviour by the bankers.
Of
course everyone loves Aunt
Sally's and whipping-boys.
But things have got out of
hand. Most ironic of all is
that the current attacks are
directed at the trading and
investment banking activities
which not even the most rancid
anti-market politician can
say were to blame for the
collapse.
Witch-hunts
used to come to their natural
end when the witches had been
burned at the stake. Let's
hope that Messrs. Brown and
Obama don't drive their golden
geese away: Zurich and Hong
Kong have comfy nests waiting
for them.
Ciao,
Kitty.
Today's
Top Headlines
UK
Publishes New Proposals For
Multinational Taxation,
by
Robert Lee, Tax-News.com,
London
28/01/2010
The
UK government has published
a discussion document on proposals
for reforming the UK tax treatment
of controlled foreign companies
French
President Seeks Carbon Tax
At EU Borders,
by
Ulrika Lomas, Tax-News.com,
Brussels
28/01/2010
French
President Nicolas Sarkozy
has once again confirmed his
intention to fight for the
introduction of a carbon tax
at the borders of the European
Union, in a determined bid
to redress the balance as
regards competition.
Jersey
Amends Tax Law On UK, Guernsey
Superannuation Funds,
by
Amanda Banks, Tax-News.com,
London
28/01/2010
The
Jersey government has announced
that, following Senator Philip
Ozouf’s maiden budget,
Articles 115(g) and 115(ga)
of the Income Tax (Jersey)
Law 1961, which pertain to
certain income derived by
UK and Guernsey superannuation
funds from investments and
deposits, will be abolished
with effect from the year
of assessment 2010.
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UK
Firms Waiting
Longer For Tax
Refunds,
by
Robert Lee, Tax-News.com,
London
28/01/2010
Some
UK-based businesses
are waiting twice
as long for repayments
of corporation
tax from HM Revenue
and Customs compared
to last year,
leaving many facing
cashflow problems.
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