Obama expected to outlaw havens in tax crackdown

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Obama expected to outlaw havens in tax crackdown

Post by GD on Mon 10 Nov 2008, 2:45 pm

USA president-elect Barack Obama plans to crack down on international tax havens - including Guernsey - within weeks of taking power in January, according to a national newspaper report.
Senator Obama was one of the signatories of the Stop Tax Haven Abuse Act, a legislation put to Congress last year which blacklisted Jersey, Guernsey and 32 other jurisdictions.
According to the Observer newspaper, growing international pressure to outlaw tax havens is a key part of reforms to the global financial system which will be discussed by world leaders from the 20 most powerful economies at a conference in Washington next weekend.
Key aides to Obama said he would introduce laws as part of a wide-ranging revenue-raising and tax-reform package within weeks of taking power. (from thisisguernsey)
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Re: Obama expected to outlaw havens in tax crackdown

Post by GD on Mon 10 Nov 2008, 2:50 pm


President-elect Barack Obama plans to crack down on international tax havens, including Jersey, Guernsey and the Isle of Man, within weeks of taking power in January, putting him on a collision course with Gordon Brown.
There is growing international pressure to outlaw the secretive practices of tax havens as a key part of reforms to the world's battered financial system, as the leaders of the world's 20 most powerful economies gather for a major conference in Washington next weekend.
Britain has been notably lukewarm, but Obama, whose approval will be key to any reform package over the next 12 months, was one of the signatories of the Stop Tax Haven Abuse Act, legislation put to Congress last year that blacklisted Jersey, Guernsey and 32 other jurisdictions. Key aides to Obama said he will introduce a similar law as part of a wide-ranging revenue-raising and tax-reform package, within weeks of taking power.
Obama advisors estimate the measure could raise at least $50bn (£32bn) per year in lost US tax revenues, and Washington sources say leading accountancy firms have already hired lobbyists in anticipation of a fierce battle to water down the proposals.
Key measures are likely to include: revealing the beneficial owners of secretive trusts; prohibiting accountants from charging fees on specific tax services; and identifying 'offshore secrecy jurisdictions' that 'unreasonably restrict US tax authorities from obtaining needed information'. The measures could end years of financial secrecy that have protected the super-rich and international businesses as they move money from one jurisdiction to another.
Joe Guttentag, deputy assistant secretary for international tax in the Clinton administration and a key figure in the Obama campaign, is likely to drive the policy through, along with Professor Reuven Avi-Yonah, who helped frame the act. 'It is expected that something like this will happen,' Avi-Yonah told The Observer. 'There is a sense that if you can raise revenue by doing this, it will not be controversial.'
The measure comes as the UK faces international condemnation for blocking moves in the United Nations to upgrade its tax committee to intergovernmental status.
Brown has been keen to portray himself as the leader of efforts to reform the global financial system, boosting his credibility at home and distracting attention from the looming recession.
But as the Prime Minister prepares to set out his proposals for next weekend's conference in a speech at the Guildhall tomorrow night, anti-poverty campaigners will stage a noisy protest, urging him to 'call time on global greed'.
They fear Brown is too wedded to the light-touch regulation New Labour has championed for the past decade to be in the vanguard of a new economic system. 'Brown seems to have spent the past two weeks resuscitating the International Monetary Fund and refilling its coffers, so that it can lend on the same basis as the past 20 years,' said Nick Dearden, director of the Jubilee debt campaign. 'He doesn't seem to have done any soul-searching about how this crisis began.' from the Observer)


I think the writing is on the wall....


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Re: Obama expected to outlaw havens in tax crackdown

Post by Chok Dee Ja on Mon 10 Nov 2008, 3:30 pm

I Hope So

OBAMA :) OBAMA :) OBAMA :)

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Re: Obama expected to outlaw havens in tax crackdown

Post by Thistle on Mon 10 Nov 2008, 4:23 pm

we will be ok bug eyes has probably got his mobile number lol
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Re: Obama expected to outlaw havens in tax crackdown

Post by Thistle on Mon 10 Nov 2008, 4:26 pm

see i told you so


CHIEF Minister Lyndon Trott has played down fears about the impact a Barack Obama presidency could have on Guernsey.

As the euphoria following Senator Obama’s crushing victory over John McCain settles down, attention will begin to turn to policy detail.

And among that is a pledge to ‘end tax haven abuse’.

But Deputy Trott (pictured) believes that ties between the Obama team and the island remain strong after a delegation he was part of visited Washington in July 2007 to meet the senator’s tax council and other advisors.

‘We struck an accord with them. They felt better informed to the extent that Barack Obama was contacted and asked if we could be given passes to go into the Senate viewing gallery.’

He said that the friendship with Mr Obama’s council has been maintained.

‘As recently as the middle of October, Senator Levin issued various press releases about so-called tax havens, but he didn’t refer to Guernsey specifically. You can’t help but thinking our repetitive message is starting to strike home.’
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Re: Obama expected to outlaw havens in tax crackdown

Post by Digger on Mon 10 Nov 2008, 5:07 pm

Lets wait until January when Obarma comes into power , it must be one of his priorities if he is already talking about it. I don't think he will be overly worried by our Chief Minister. "Lyndon WHO".


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Re: Obama expected to outlaw havens in tax crackdown

Post by Chok Dee Ja on Tue 11 Nov 2008, 5:38 am


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Re: Obama expected to outlaw havens in tax crackdown

Post by GD on Thu 13 Nov 2008, 11:23 am

Finance experts fear new laws in the US will affect jurisdictions such as Jersey and Guernsey.
Legal firm Baker Platt says a new bill could be a particular threat to the offshore financial centres.
The firm, which is hosting a conference in Jersey, says the bill is aimed at tax evasion, by creating a "blacklist" of jurisdictions.
The event on Thursday will feature presentations from financial experts and criminal intelligence analysts.
Local speakers at the event at the Hotel de France include Attorney General William Bailhache and director general of the Jersey Financial Services Commission John Harris.
The islands' economies are founded on their financial services industries.
Jersey's finance sector is continuing to thrive despite difficult conditions in the world's financial markets.
The value of funds in the island reached record levels of £221bn in September last year, overtaking the level of bank deposits for the first time. (from BBC News)


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Re: Obama expected to outlaw havens in tax crackdown

Post by Pete Burtenshaw on Thu 13 Nov 2008, 9:50 pm


Perhaps the Obama team will have more pressing issues at hand to worry about then so called tax evasion territories when put in power. In this current economical climate £221bn is an awful lot of taxable revenue lost and that’s just the amount from one jurisdiction you can see why Obama would look at offshore places such as Gsy & Jsy. Could the real reason for the Obama drive be the alleged funding of terrorists via laundered monies in these offshore jurisdictions??

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Re: Obama expected to outlaw havens in tax crackdown

Post by Simple Me on Thu 13 Nov 2008, 10:11 pm

America is going into recession, And Obama will do anything to keep the money within, rather than going to offshore banks

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Re: Obama expected to outlaw havens in tax crackdown

Post by Pete Burtenshaw on Fri 21 Nov 2008, 8:23 pm

Chok Dee Ja wrote:I Hope So

OBAMA :) OBAMA :) OBAMA :)

YOU SICK MAN..........

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Re: Obama expected to outlaw havens in tax crackdown

Post by Pete Burtenshaw on Fri 21 Nov 2008, 8:24 pm

He will now.and you can thank Flouquet for this..they may just invade us....look at Iraq

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Re: Obama expected to outlaw havens in tax crackdown

Post by plimmerton811 on Sun 23 Nov 2008, 5:33 am

Pete Burtenshaw wrote:
Perhaps the Obama team will have more pressing issues at hand to worry about then so called tax evasion territories when put in power. In this current economical climate £221bn is an awful lot of taxable revenue lost and that’s just the amount from one jurisdiction you can see why Obama would look at offshore places such as Gsy & Jsy. Could the real reason for the Obama drive be the alleged funding of terrorists via laundered monies in these offshore jurisdictions??

You are assuming that tax is not paid on any of the 221 billion. As far as terrorism goes remember a large proportion of the money going to terrorists is legitimate donations. Gsy & Jsy have been and are blacklisted by other territories and the answer to that was to move company offices to Switzerland.

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Re: Obama expected to outlaw havens in tax crackdown

Post by Chok Dee Ja on Sun 23 Nov 2008, 7:08 am

Pete Burtenshaw wrote:
Chok Dee Ja wrote:I Hope So

OBAMA :) OBAMA :) OBAMA :)

YOU SICK MAN..........


Whats sick about wanting Obama to clean up the murky world of tax evasion,money laundering and other financial crimes? Off Shore centres are a good starting place then as Plimmerton points out Switzerland would also be a obvious place to look.

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Re: Obama expected to outlaw havens in tax crackdown

Post by Chok Dee Ja on Sun 23 Nov 2008, 7:23 am

Simple Me wrote:America is going into recession, And Obama will do anything to keep the money within, rather than going to offshore banks

It was part of his manifesto

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Re: Obama expected to outlaw havens in tax crackdown

Post by Chok Dee Ja on Sun 23 Nov 2008, 7:25 am

Pete Burtenshaw wrote:He will now.and you can thank Flouquet for this..they may just invade us....look at Iraq


I think this should be put in the jokes thread :)


Nice one Pete :bounce:

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