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By Chas Sillimon, taxonomy correspondent
Tax havens are hatching extravagant and increasingly desperate strategems to counter the threat to their existence posed by President Obama's plan to outlaw US businesses from using offshore tax havens. The new President has vowed to "detect and pursue" tax evaders and close tax loopholes that have allowed many U.S. companies to relocate themselves to islands such as Bermuda and the Caymans.
"We're sweating bullets over here, I don't mind saying," said J Dexter Craven, business development director at the Cayman Islands Tax Efficiency Task Force. "We've had a team working on what to do about this since Obama brought it up out on the campaign trail. We'd kept our fingers crossed he was going to forget about it when he got elected into the Oval Office. But dang it, if the darned guy didn't live up to his word. I tell you, it's a dark day when politicians start keeping their campaign promises." more...
An insurance industry version of the popular board game Monopoly is to be released. The new board design, which consists of forty spaces designating different properties, franchises and other utilities, features some radical changes to the traditional layout.
The jail area has been enlarged to accommodate a greater number of senior executives though the space has been redesignated ‘open jail' to reflect conditions. There are now two corporation tax spaces on the board, one relating to Bermuda (0%) and the other to OECD domiciles (20%).
The railway stations have been changed for bus replacement services and the utilities charge the highest rents on the board. "High Court" and "Attorney General Offices" are also costly. New board properties such as Gherkin or Minster Court have such low rents it doesn't matter if you land on them.
Different markets have their own spaces each forcing a missed go. Anyone landing on the Lloyd's space must miss a go to put on a tie. Landing on London Underwriting Centre must miss a go because the escalators are broken. Landing on Bermuda also causes a delay while your bags and underpants are searched for narcotics.
more...
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