Monthly Archives: February 2013

UK Government and Isle of Man in deal to stop offshore tax evasion

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“Under the agreement, a wide range of financial information on UK taxpayers with accounts in the Isle of Man will be passed automatically to HM Revenue and Customs (HMRC).  A disclosure facility will allow account-holders to come forward and settle their past affairs before the details are automatically passed on to HMRC.  The Treasury said the deal with the Manx authorities closely followed an agreement struck with the United States to improve international tax compliance.”

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9880330/Government-and-Isle-of-Man-in-deal-to-stop-offshore-tax-evasion.html

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National Sales Tax

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Cisco Won’t Buy Any US Companies Or Hire Any US Workers Until The Tax Code Is Changed

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“Cisco has $46 billion in cash, but CEO John Chambers says he is no longer willing to use it to acquire U.S. companies.  That’s because 80 percent of that cash is stored in overseas accounts and if Cisco spends it in the U.S., the company will have to fork over 35 percent in taxes.  For years, he has been trying to get the U.S. to change that tax rule. He’s said before that this prevents him from hiring more U.S. workers.  But now he’s said he’s also stopped shopping for acquisition targets in the U.S., too.  Microsoft keeps about 87 percent of its $66.6 billion stored outside the U.S.; Oracle, 80 percent of its $31.6 billion; and Apple about 68 percent of its $121.3 billion.”

http://finance.yahoo.com/news/john-chambers-im-loyal-u-165337686.html

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Islands trade quick citizenship for investment

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“Turmoil in the Middle East and North Africa has led to a surge of interest in programs that let investors buy citizenship or residence in countries around the world in return for a healthy contribution or investment. Most are seeking a second passport for hassle-free travel or a ready escape hatch in case things get worse at home.  Nowhere is it easier or faster than in the minuscule Eastern Caribbean nations of Dominica and St. Kitts & Nevis.  It’s such a booming business that a Dubai-based company is building a 4-square-mile community in St. Kitts where investors can buy property and citizenship at the same time.”

http://www.detroitnews.com/article/20130213/BIZ/302130321/Islands-trade-quick-citizenship-investment

Islands trade quick citizenship for investment

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Seasteading: Striking at the Root of Bad Government

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“We know it is possible to live on the ocean; we know there are ways to make money there, and our mission is to drive down the costs of seasteading to transform the ocean from potential frontier into real frontier and eventually into just another option with some serious advantages. This will lead to experimentation and innovation in governance and force existing States to improve or wither away for a lack of residents. The challenges are large but the potential payoffs are much, much larger. By transforming the political problem of bad governance into a hard but achievable technological problem, which humans have a knack for solving, we make success possible.”

http://www.fee.org/the_freeman/detail/seasteading-striking-at-the-root-of-bad-government

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You Should Be Able to “Dear John” The State

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“Meet Ray. We’ll call Ray a conscientious objector, because he acts out of conscience. People confine this term to those who object to military service. But why do those persons object? A conscientious objector is someone who wants the right to divorce a service provider or institution. He is disgusted by what is done in his name under the rubric of democracy, appalled at what is done with the money extracted from him in taxes. He wants to terminate his support.  You may think Ray is noble until I tell you to what he objected: State schooling, otherwise known as ‘public schools.'”

http://www.downsizedc.org/blog/you-should-be-able-to-dear-john-the-state

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Bulgarian government resigns amid protests

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“‘We have dignity and honour. It is the people who put us in power and we give it back to them today,’ Borisov told parliament, adding that he would not participate in an interim government.  Bulgaria has been shaken over the past week by protests that initially were about soaring electricity prices but which have turned into nationwide demonstrations against the right-wing government in general.  The clashes left dozens of people wounded and scores were arrested with demonstrators fighting running battles with riot police and vandalising government buildings in the capital Sofia.”

http://www.rawstory.com/rs/2013/02/20/bulgarian-government-resigns-amid-protests/

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India mulling further efforts to curb gold imports

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mineweblogo4

“The world’s biggest gold importer has been trying to get its population to buy less of the metal.  Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike.  ‘The shipment was the highest in 18 months and clearly undermined the government’s efforts to cap imports. A purchase of 100 tonne in one month is 40% more than the monthly average. This has got the government worried once again,’ said Baijal Pushpesh, bullion retailer.”

http://www.mineweb.com/mineweb/content/en/mineweb-whats-new?oid=178464&sn=Detail

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Baubles to bars: India gold culture defies curbs

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“Gold has been deeply entwined in Indian culture for thousands of years. Nowadays, India is by far the world’s biggest buyer of gold and those imports are an increasing drain on an economy that is growing too slowly to reduce widespread poverty.  Last year Indians imported 864 tons of gold, about one fifth of world sales. The unquenchable appetite for gold coins, bars and jewelry has swelled India’s trade deficit and weakened its currency, making crucial imports such as fuel more expensive.  Industry experts say there are signs that higher import taxes have encouraged smuggling, which hasn’t been a problem since India lifted strict gold controls more than 20 years ago.”

http://profit.ndtv.com/news/commodities/article-baubles-to-bars-india-gold-culture-defies-curbs-318187

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