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Hendren Global Group, China joins world anti-tax fraud endeavor

Hendren Global Group, China joins world anti-tax fraud endeavor | Hendren Global Group Jim Hendren Baseball Geek Group | Scoop.it
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Source:  http://hendrengroup.biz/blog/2013/09/10/china-joins-world-anti-tax-fraud-endeavour/

 

Zhang Yuwei in New York (China Daily)-China is set to sign the tax-assistance convention with the Organization for Economic Cooperation and Development (OECD) on Tuesday and will become the last in the Group of 20 economies to enter the major global convention on tax.

 

On Tuesday, China’s tax head Wang Jun will sign the convention in Paris, which will be in force after three full calendar-months from its ratification. The convention — entitled Multilateral Convention on Mutual Administrative Assistance in Tax Matters – stipulates a structure for administrative collaboration between over 50 developing and developed nations in determining and collecting taxes, with emphasis on controlling tax evasion and avoidance.

 

China’s inclusion in the group ratifying the convention signifies the world’s second-largest economy participating “in international efforts to fight tax avoidance and evasion by coordinating with other countries in the assessment and collection of taxes”, according to OECD.

 

Upon the convention’s full enforcement with respect to China, the country’s tax officials will be allowed to request their counterparts from the participating nations for use of their tax records and vice versa.

 

Steven Zhang, managing director at Fund Tax Services LLC in New York, said China’s entrance to the group is “in keeping with a worldwide pattern”.

 

“China’s concurrence with the objectives of the convention would enhance the efficiency of Chinese tax officials in quelling potential tax avoidance and evasion by foreigners and foreign enterprises,” said Zhang.

 

Tax evasion was also a main concern set by world leaders, together with the leaders from the G20 economies, to tackle the causes of the 2008 financial catastrophe and to help eradicate corruption – one of the primary issues China’s new government has resolved to tackle with determination.

 

Tax evasion and avoidance will be one of the chief matters under consideration at the G20 summit in St. Petersburg on Sept 5-6.

 

“Governments all over the world are implementing laws and policies to enforce taxpayers to show greater transparency in their tax reporting and are increasing coordination in fighting tax avoidance over various jurisdictions,” said Zhang.

 

“Escalating pressure from nations and enforcers has put administration of international tax risk at the frontline of company and financial decisions,” he added.

 

Global Financial Integrity, a non-profit advocacy and research group based in Washington, said the Chinese economy bled $3.79 trillion in illegal investment outflows from 2000 through 2011. Out of about $2.83 trillion that drained unlawfully out of China from 2005 to 2011, they said, $595.8 billion ended up as bank deposits or financial assets – such as bonds, stocks, derivatives, and mutual funds -in tax shelters.

 

Statistics provided by China’s State Administration of Taxation last month revealed that anti-tax evasion moves by the Chinese government produced an additional income of about $5.7 billion last year, almost 30 times the figure of 2008.

 

The convention was developed jointly by the OECD and the Council of Europe in 1988. In 2009, the accord was rationalized to make it conform with international requirements on the transfer of information for tax purposes, and to allow nations that were not part of the OECD or the Council of Europe to join in.

 

Over 50 nations have either entered as signatories or have expressed their desire to do so since the revision of the convention.

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Hendren Global Group Jim Hendren Baseball Geek Group: Why do we cheat?

Hendren Global Group Jim Hendren Baseball Geek Group: Why do we cheat? | Hendren Global Group Jim Hendren Baseball Geek Group | Scoop.it
Baseball has been in the headlines lately, and for the ugliest of reasons: cheating. (Hendren Global Group Jim Hendren Baseball Geek Group: Why do we cheat?
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Source: http://www.heraldextra.com/business/why-do-we-cheat/article_7c8ca6f3-01d4-5722-9a01-f319a515a9a5.html

Baseball has been in the headlines lately, and for the ugliest of reasons: cheating.

 

Not the old hide-the-ball-in-the-glove trick or greasing or scuffing the baseball. No, those would be too obvious.

 

In their pursuit of perfection, or at least superior performance, dozens of high-paid athletes, superstars and utility players turned to performance-enhancing drugs that they hoped would evade discovery. It didn't work, and America's pastime is plagued with scandal.

 

The sad thing is that cheating is not that uncommon. We see it on Wall Street, in politics, in famous marriages and just about everywhere you look. It seems it's become part of our culture. Is the spirit of competition that drives American progress creating a nation of cheaters?

 

People cheat on diets, at cards or on fitness programs. Bolder folks might cheat on taxes, resumes or dating profiles. But where do we draw the line in the sand? Is some cheating OK?

 

We need to examine that attitude. I still believe that trust is one of the most important attributes of any truly successful person.

 

In a Conference Board poll of 15,000 juniors and seniors at 31 universities, more than 87 percent of business majors admitted to cheating at least once in college, the largest such percentage. Engineering students came in second at 74 percent. Next came science students and Humanities majors, tied at 63 percent.

 

According to USA Today, college students on 27 campuses in 19 states were asked what they would do if they caught a classmate cheating. Would they report it? 81 percent said, "No." Are you as surprised as I am that there are more than 150 websites that offer essays, term papers and dissertations for sale?

 

Does that set the stage for life? Well, I surely hope not. But reading the headlines might make you think otherwise.

 

Political sex scandals are hard to ignore these days. Certainly not all politicians are cheaters, but when the news is dominated day after day by some outrageous behavior that most of us would never condone, it casts a long shadow. After all, if they'll cheat on the ones they love, what will they do to get votes or push legislation through?

 

When trust is eroded, an entire group suffers, even those who are squeaky clean.

 

Business is hardly exempt. A survey by CFO Magazine found that 20 percent of financial executives feel more pressure since 2001 to "make results appear more favorable."

 

In a survey of students at the nation's top business schools, two-thirds of women and more than half the men said they do not believe that most companies are "run honestly or ethically."

 

In a speech, former Bank of America global risk executive Amy Woods Brinkley spoke about what the research firm Inferential Focus called the "gaming" of everything in our lives. "What they mean in short is that our passion in America for games -- for entertainment and competition -- seems to be exceeding its normal bounds. As a result, the lines between recreation and reality have grown blurry. More and more aspects of our society appear to be treated like a game to be won ... rather than a real life to be lived."

 

A baker bought his butter from a local farmer. After some time, the baker began to suspect that he wasn't receiving full pound bricks of butter from the farmer.

 

For several days, he weighed the butter after it was delivered. His suspicions proved correct. So he turned to the law to settle the matter.

 

The farmer was brought to court to answer for his act of fraud. "What kind of scale do you use?" the judge asked.

 

"I don't have a scale, your honor," replied the farmer.

 

"Then how can you weigh the butter that you sell?"

 

"It's pretty simple," the farmer said. "I have balances, and I use the one-pound loaf of bread I buy from the baker as a weight."

 

Case dismissed.

 

I learned a long time ago that by not cheating -- and doing the right thing -- you will live a much happier life than you will by trying to cheat your way through it. Just tell the truth. It's so simple, so basic -- and the cover-up is always worse. You'll also sleep much better at night.

 

Mackay's Moral: Sophocles said it best, "I would prefer even to fail with honor than to win by cheating."

 

• Harvey Mackay is the author of the New York Times best-seller "Swim With the Sharks Without Being Eaten Alive." He can be reached through his website, www.harveymackay.com.

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