Tax and capital flight
Financial transparency can finance development
- Marking-to-market is a concept which has started to invade a significant portion of both accounting and cross-border contracts. As a concept it is good, as it makes accounts more informative, but it also introduces problems.
- One of the problems is that it accelerates losses when markets collapses, and therefore constitute a risk of being one of the elements that make companies go bankrupt in a crisis.
Armenia’s Special Investigative Service (SIS) dropped the offshore business case against former Chief Compulsory Enforcement Service Officer Mihran Poghosyan in January this year.Writen by Kristine Agalaryan* (photograph on the right)
The litmus test is served. Snorre Valen (SV) asks politicians in Parliament to sign a representative proposal for extended country-by-country reporting. Since the Panama Papers, this is one of the most important measures which is not in place yet. The reason for this is the lack of follow-up by the Ministry of Finance on country-by-country reporting for accounting purposes.
The Ministry of Finance has not followed up on Parliament´s request, so Norwegian companies do not have to submit information from tax havens.
Right before Christmas Eve, on December 22, the Ministry of Finance established changes to the amendment concerning country-by-country reporting (CBCR), without Parliament having dealt with the matter.
PWYP Norway explains how the protection of tax havens can be repealed by removing a link between two paragraphs.
The South African journalist Craig McKune will share his experience of investigating illegal financial transactions.
Knut Falk Qvigstad (MDG) explains why the weaknesses in OECD´s BEPS-track will allow companies to continue the same practices as they have been doing.