Praetorian Trust

Exert from the FT on the 22.nd March

Alistair Darling will on Wednesday announce punitive fines for taxpayers who hide money offshore in a Budget crackdown designed to protect at least £1bn of revenue under threat from evasion schemes, according to government officials.

The chancellor is expected to unveil plans to double the maximum penalty for offshore evaders to 200 per cent of the tax owed, under a series of measures that extends further a £5bn assault on tax evasion and avoidance announced in December’s pre-Budget report.

“These people with large bank balances who are hiding money offshore should be running scared of this announcement,” one Whitehall official said. “HMRC is becoming incredibly good at finding out who these people are and it’s going to cost [the evaders] a hell of a lot.”

Read the whole article here

PRAETORIAN NOTE:

These constant attacks on our fundamental right to choose where we decided to be taxed will as it has shown over and over again historically, drive industrialists and the Brain power to places like Jersey , Monaco, Malta, Switzerland and similar fine places to relocate to.

Million-Dollar Ferraris on Offer from Bonhams in Monaco.

Luxury Cars: An extremely rare and desirable 1950 Ferrari 166/195S Cabriolet by Vignale is expected to fetch in the region of $1.5 million at Bonhams’ annual Les Grandes Marques à Monaco sale of motor cars and automobilia in the principality of Monaco on April 30th. Originally created as a Berlinetta and factory rebodied in 1951, the highly collectible model, of which very few examples were built, has several racing victories in its pedigree including a Mille Miglia win. There’s also an oppourtunity to get your hands on a rare ‘alloy bodied’ 1966 Ferrari 275 GTB, estimated at $930,000 – $1.1 million.

Other desirable Ferraris on offer in the sale include an early 1989 Ferrari F40, formerly owned by Michel Neugarten, which has raced in the Italian GT championship and the BPR series, estimated at $315,000 - $385,000.; and a rare 1976 ‘vetroresina’ Ferrari 308 GTB, estimated at only $70,000 - $110,000. Also of note for collectors: an immaculately restored European delivery left hand drive Jaguar XK120 Roadster, estimated at $100,000 - $160,000; and a Lancia Appia Zagato GTE, estimated at $70,000 - $100,000.

OECD Reviews Tax Transparency.

OECD Reviews Tax Transparency, by Tax-News.com, Brussels

18 countries participating in the Global Forum on Transparency and Exchange of Information have been included in the first phase of a peer review process.

The first 18 jurisdictions are Australia, Barbados, Bermuda, Botswana, Canada, Cayman Islands, Denmark, Germany, India, Ireland, Jamaica, Jersey, Mauritius, Monaco, Norway, Panama, Qatar, Trinidad & Tobago.

The reviews are a first step in a three-year process approved in February by the Global Forum. In addition to a complete schedule of forthcoming reviews, the Global Forum has published three other key documents:

• The Terms of Reference explaining the information exchange standard countries must meet;
• The Methodology for the conduct of the reviews; and
• The Assessment criteria explaining how countries will be rated.

OECD Secretary-General Angel Gurría welcomed this new step forward and said: “The Global Forum has been quick to respond to the G20 call for a robust peer review mechanism aimed at ensuring rapid implementation of the OECD standard on information exchange. This is the most comprehensive peer review process in the world, and it is based on decades of experience at the OECD of conducting reviews of this kind in many other areas of policy making. I look forward to seeing the first results later this year”.

The Global Forum brings together 91 countries and territories, including both OECD and non-OECD countries. At a meeting in Mexico in September 2009, participants agreed that all members as well as identified non-members will undergo reviews on their implementation of the standard. These reviews will be carried out in two phases: assessment of the legislative and regulatory framework (phase 1) and assessment of the effective implementation in practice (phase 2).

The review reports will be published once they have been adopted by the Global Forum, whose next meeting will take place in Singapore at the end of September 2010.

Mike Rawstron, chair of the Global Forum, stated: “…. with these reviews we are putting international tax co-operation under a magnifying glass. The peer review process will identify jurisdictions that are not implementing the standards. These will be provided with guidance on the changes required and a deadline to report back on the improvements they have made”.