More Luxembourg Luxleaks reactions: accusations of hypocrisy, finger-pointing at the Netherlands

The headline of the Luxembourg Tageblatt over the weekend was “The Hypocrisy Behind Luxleaks”.

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Cayman registers almost 20% of FATCA Foreign Financial Institutions globally; more than the UK, Switzerland and Luxembourg combined

Guernsey – population 65 thousand – was recently reported to be eighth worldwide in number of Foreign Financial Institutions registered under the US Foreign Account Tax Compliance Act (FATCA). FATCA, which became law in March of 2010, requires foreign financial institutions (FFIs) with US clients to register with the IRS.

Which countries have registered the most Foreign Financial Institutions under FATCA so far?

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Austerity is a political decision: Netherlands edition

Following reports in February that a crackdown on mansion tax avoidance in the UK had raised five times more than expected, comes this:

“The large number of Dutch “zwartspaarders” (people using foreign bank accounts to avoid taxes – literally “black savers”)  who have come forward to the authorities has meant an unexpected windfall of almost half a billion euros. Six thousand tax avoiders have reported three billion in illicit wealth since September, according to new numbers from the secretary of finance. The tax authorities expect revenues of a cool 450 million euros.”

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Dolce and Gabbana sentenced for tax evasion: no media mention of support with Luxembourg shell company

Last week fashion designers Domenico Dolce and Stefano Gabbana were sentenced to 18 months in jail in Italy for evading up to 200 million euros in tax, by using a holding company in Luxembourg called Gado.

The headline in Luxembourg’s is “Dolce and Gabbana get 18 months in jail over Luxembourg shell company”.

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