Thu, Dec 25, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Opalesque Exclusive: Sarkozy plans huge tax on tax haven, Singapore, Bahamas removed from blacklist after last minute concessions

Monday, February 15, 2010
By Matthias Knab:

French President Sarkozy is stepping up his stance against tax havens. French companies doing business in those countries must deliver half of their income to the state. The French banks will close all operations in the tax havens. Some prominent financial havens like Singapore, Chile, Malaysia, Uruguay, Bahamas and Vanuatu managed only by last-minute concessions to be removed from the black list.

By March, France will increase the withholding tax on dividends, interest and royalties that flow through tax havens from 15 to 50 percent. In addition, the 95-percent tax exemption for dividends paid by a company to its parent company will be canceled if the subsidiary is based in a tax haven.

The French black-list includes the following countries: Anguilla, Belize, Brunei, Costa Rica Dominique, Grenada, Guatemala, Cook Islands, Marshall Islands, Liberia, Montserrat, Nauru, Niue, Panama, Philippines, Saint-Kitts-and-Nevis, St. Lucia and St. Vincent & the Grenadines.

By comparison, OECD’s List of Un-cooperative Tax Havens contained no jurisdiction as of May-09 (Source).

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hong Kong-Shanghai stock link fails to live up to expectation so far[more]

    Komfie Manalo, Opalesque Asia: In a report, Reuters said that demand has been subdued with the bulk of activities coming from short-term speculative investors. Las

  2. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  3. North America - Why Steve Cohen, Connecticut hedge fund billionaire, gives so much in New York[more]

    From Insidephilantrophy.com: Billionaire Steve Cohen was born in Great Neck, New York before attending Wharton, working on Wall Street and then founding SAC Capital Advisors in Connecticut. Though his company (Point72) and foundation are based in Connecticut, Cohen and Alexandra are deeply connected

  4. Investing - Soros buys a highly speculative biotech in the third quarter[more]

    From Fool.com: …The Soros Fund bought 25,000 shares of the struggling small-cap biopharma Aegerion Pharmaceuticals in the third quarter. For those of you who haven't heard of this name, suffice to say that this was a surprising buy in light of the company's recent problems and poor outlook going for

  5. CFTC Revokes Registrations of Illinois Resident Aleks A. Kins and Chicago-based AlphaMetrix, LLC[more]

    Matthias Knab, Opalesque: The U.S. Commodity Futures Trading Commission (CFTC) today announced that it has revoked the registration of Aleks A. Kins of Chicago, Illinois, as an Associated Person and the registrations of AlphaMetrix, LLC (AlphaMetrix), a Delaware limited liability company with its