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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, October 17, 2003 - Vol. 5 No. 123
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In This Issue:
* COMMENT: Smoke & Mirrors.
* OFFSHORE: Cook Islands Ends Secrecy. Liechtenstein Stops EU. Little Known Guernsey. Gibraltar Vote. Cyprus Retirement. Bahamas Keeps On. US Caribbean Policy Questioned.
* WEALTH: U.S. if the Dirty Money Leader. APTs Back in Fashion. Secret IRS Laws. 90 Years of IRS. US Financial Mess. Irish Growth.
* PRIVACY & RIGHTS: Patriot Act Roll Back. Justice Attacks. Barbados Fears. Micro-Chips. Irish, Asian Data Bases.
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COMMENT: Smoke & Mirrors.
Dear A-Letter Reader:
Last Tuesday we commented on the Organization for Economic Cooperation and Development's long time campaign to destroy tax competition among nations. This OECD drive against "unfair tax competition" has been in fact a drive to abolish all tax havens and destroy low taxes everywhere, replacing them by uniform high taxes and an end to all financial privacy.
This week the OECD met at its Global Forum on International Tax Policy in Ottawa, Canada. The stated goal was to reaffirm and step up the OECD anti-tax haven drive and the OECD minions fell flat on their bureaucratic faces, as well they should.
Instead, the OECD was forced to concede publicly that many of its own member nations also are tax havens; that jurisdictions on the OECD phony blacklist have no real obligation to undermine their market based tax laws, unless and until all countries agree to the same "level playing field" rules. And as the Ottawa meeting demonstrated anew, that is a highly unlikely event.
The fact that the European Union savings tax directive exempted several OECD nations from any requirement to divulge private financial data to foreign tax collectors also contributed to the OECD's defeat in Ottawa.
From the beginning a decade ago this OECD "unfair tax competition" campaign has been a publicity front for tax collectors from high tax nations. Built with smoke and mirrors, it claimed millions of tax evaders and billions of lost taxes. But it completely ignored the fact that reduced taxes is the best incentive to stay at home; that tax havens would not be needed if governments would cut spending and taxes.
And they might just give the coup de grace to the needless OECD while they're cleaning their fiscal houses.
That's the way that it looks from here.
Bob Bauman, Editor
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COMMENT LINKS:
* OECD Defeat in Ottawa: Concedes Absence of Level Playing Field
LINK: http://www.freedomandprosperity.org/p10-15-03.pdf
* OECD says its "unfair tax" campaign will continue. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480631447
* CfP Strategic Memo on low-tax jurisdictions LINK:
http://www.freedomandprosperity.org/memos/m10-10-03/m10-10-03.shtml
* OECD To Examine Implications Of EU Savings Tax.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13697
* UK to Crack Down on Offshore Tax Evasion. LINK:
http://www.newsday.com/news/nationworld/world/wire/sns-ap-uk-offshore-tax-havens,0,4159055.story?coll=sns-ap-world-headlines
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* OFFSHORE *
COOK ISLANDS FINANCIAL PRIVACY LAWS COMPROMISED
An end to strict financial and banking secrecy next year. LINKS:
http://www.goasiapacific.com/news/GoAsiaPacificBNP_967044.htm
* More about the Cook Islands; facts & figures. LINK:
http://www.abc.net.au/ra/pacific/places/country/cook_islands.htm
* Cook Island LINKS:
http://www.abc.net.au/ra/pacific/links/RAPacificCountryLinksIndex_COOKISLANDS.htm
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LIECHTENSTEIN STOPS EUROPEAN UNION COLD
Royal wrangle in Bohemia stops EU juggernaut in its tracks. LINK:
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2003/10/15/wlich15.xml&sSheet=/portal/2003/10/15/ixportal.html
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GUERNSEY; LESSER KNOWN CHANNEL ISLAND
The "other island" (after JERSEY) faces the uncertain future. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/10/06/figurns06.xml&sSheet=/global/2003/10/15/home.html
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GIBRALTAR TO GET U.K. VOTE IN THE E.U.
Residents of the Rock will get to vote for the European Parliament.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13690
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CYPRUS, no longer a tax haven, beckons to foreign retirees.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13699
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BAHAMAS KEEPS ON KEEPING ON
Christy government promised reform of Draconian anti-offshore laws;
now it does little to change the situation; hides behind slogans.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13685
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U.S. CARIBBEAN POLICIES QUESTIONED
The US needs to redefine its policies towards the Caribbean. LINK:
http://www.thenassauguardian.com/editorial/302099186402827.php
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* WEALTH *
THE U.S.A. - WORLD MONEY LAUNDERING LEADER
Hot Millions; Money Laundering Buck Stops in US. LINK:
http://timesofindia.indiatimes.com/cms.dll/html/uncomp/articleshow?msid=235069
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ASSET PROTECTION TRUSTS BACK IN FASHION
Litigation Boom Spurs Efforts to Shield Assets. LINK (SUBS ONLY):
http://online.wsj.com/article/0,,SB106608309929670600-search,00.html
* Ultra High Net Worth Investors are back in the market. LINK:
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=SVBIZINK4.story&STORY=/www/story/10-15-2003/0002036757&EDATE=WED Oct 15 2003, 04:40 PM
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THE 'SECRET LAW' OF THE INTERNAL REVENUE SERVICE
Shining a light on the "secret law" of the IRS. LINK:
http://www.boston.com/dailyglobe2/287/business/Shining_a_light_on_the_secret_law_of_the_IRS .shtml
* 90 YEARS OF THE IRS; CCH looks at the US tax code mess.
LINK: http://www.accountingweb.com/cgi-bin/item.cgi?id=98205
* New IRS head says no more Mr. Nice Guy; enforcement first.
LINK: http://www.nytimes.com/2003/10/16/business/16IRS.html
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U.S. DEMANDS COMPLETE FINANCIAL DISCLOSURE
>From business, that is; but politicians hide deadly US financial mess.
LINK: http://www.vdare.com/roberts/debt.htm
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IRISH OFFSHORE FUNDS SHOW MAJOR GROWTH
DUBLIN: Up 30%, reaching US$375.4 billion in 2,334 funds.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13688
* Belgian offshore tax amnesty plans rebuffed.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13680
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* PRIVACY & RIGHTS *
U.S. SENATORS PLAN ROLL BACK OF PATRIOT ACT
A bipartisan group of lawmakers and advocacy groups. LINK:
http://www.washingtontimes.com/national/20031016-120041-3361r.htm
* Patriot Act Opponents Draw US Justice Dept's Fire. LINK:
http://www.cnsnews.com/ViewPolitics.asp?Page=//Politics//archive//200310//POL20031016a.html
* BARBADOS fears impact of Patriot Act on it.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13708
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MICRO-CHIPS MAY DESTROY ALL PRIVACY
RFID chips could be a nightmare for those wishing privacy.
LINK: http://www.quebecoislibre.org/031011-6.htm
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DATA BASES DESTROY PRIVACY
U.S. company to gather Irish data.
LINK: http://www.enn.ie/frontpage/news-9378390.html
* Australian gov wants Asian terror database system. LINK:
http://www.alertnet.org/thenews/newsdesk/SYD4654.htm
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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