` Russia Expresses Interest in Economic Cooperation with Pakistan ‘

#AceFinanceNews – MOSCOW – June 03 – /ITAR-TASS/. Russia is interested in closer economic cooperation with Pakistan, especially in the energy sector, Sergei Shatirov, a deputy chairman of the economic policy committee of Russia’s Federation Council upper parliament house, said on Tuesday at a meeting with Russian Honorary Consul in Lahore Habib Ahmed.

According to Shatirov, the Russian side is interested in possible participation in the CASA-1000 project, which provides for the construction of three high-voltage electricity transmission lines from Kyrgyzstan and Tajikistan to Afghanistan and Pakistan. “Russia’s joining this project as an equal participant would help solve financing problems. Moreover, it would make it possible to hook up CASA-1000 with Russia’s energy system via Kazakhstan,” he said.

“Russia’s participation in the CASA-1000 project would be a guarantee of uninterrupted electricity supplies to South Asian countries, first, to Pakistan.”

He expressed the hope that Islamabad will support Russia’s initiatives.

Apart from that, Shatirov reassured partners that Russian companies, including Telhnopromexport and Inter RAO were ready to take part in the modernization of Pakistan’s energy sector.

The most promising facilities from this point of view, in his words, were heat power plants in Muzaffargarh and Jamshoro.

Habib Ahmed, in turn, stressed that regular meeting and exchange of views were very useful for the development of cooperation between the two countries. “Our business wants to cooperate with Russia as a country of big opportunities.

And it is important for Pakistan to develop our relations more actively,” he said.

#ANS2014 

 

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`Overseas Accounts to Hide Income Will Have to Share Information Under New US Plan’

#AceFinanceNewsUNITED STATES – June 03  – It will soon get a lot harder to use overseas accounts to hide income and assets from the Internal Revenue Service.

More than 77,000 foreign banks, investment funds and other financial institutions have agreed to share information about U.S. account holders with the IRS as part of a crackdown on offshore tax evasion, the Treasury Department announced Monday.

The list includes 515 Russian financial institutions. Russian banks had to apply directly to the IRS because the U.S. broke off negotiations with the Russian government over an information-sharing agreement because of Russia’s actions in Ukraine.
Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.

Starting in March 2015, these financial institutions have agreed to supply the IRS with names, account numbers and balances for accounts controlled by U.S. taxpayers. 

#ANS2014

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The dodgy house of Vodafone

The lovely wibbly wobbly old lady

Reblogged from UKUncut

 

In this guest blog Richard Brooks, author of The Great Tax Robbery, explains why Vodafone’s tax dodge is still so scandalous. 

Vodafone epitomises 21st century international corporate tax avoidance. 

When the company took over German engineering company Mannesmann in 2000, it structured the deal using a Luxembourg holding company and twice as much internal debt than the whole group had really borrowed. This financial alchemy enabled it to funnel billions of pounds of otherwise taxable profit as interest payments from Mannesmann and other European operations into a Luxembourg company taxed at less than 1%. With tax dodging shaping the business, Luxembourg became (on paper) Vodafone’s most profitable territory without selling a single phone contract. 

Under British tax law at the time, the profits of a UK multinational diverted into a tax haven would have been taxed in the UK. Indeed, the Labour government had not…

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